Covid-19 Impact on Canned Soups Market To Reach US$6.5 bn by 2022

As per a recent research report by Transparency Market Research (TMR) states that the global canned soups market is witnessing the trend of launching organic products to appeal to the health conscious consumers. Another trend that is anticipated to take hold over the market is that of manufacturing products which have minimal effect on the environment. The report further states that private brands can threaten the well-established top brands in the coming years. Players are competing with each other on the basis of distribution, innovation, and pricing. Key players in the global canned soups market are: Hain Celestial Group, Inc., Campbell Soup Co., The Kraft Heinz Co., General Mills, Inc., Knorr Foods Co. Ltd., Compass Group USA, Inc., Baxters Food Group Limited Conagra Brands, Inc., Juanitas Foods, Trader Joe’s Company, and Amys Kitchen, Inc.

According to Transparency Market Research (TMR) the global canned soups market is expected to rise from US$4.9 bn attained in 2017 to US$6.5 bn by 2022, expanding at a CAGR of 5.8% between 2017 and 2022. On the basis of product, the ready-to-serve wet soup segment is predicted to hold highest shares in the market. By geography, the APEJ market is anticipated to lead and expand at a 7.1% CAGR between 2017 and 2022. The changing preference of consumers is boding well for the growth of the Asia Pacific canned soups market. North America is also anticipated to be a promising regional market for canned soups.

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Growing Disposable Income Boosting Sales of Canned Soups

As per a TMR analyst, “the global canned soups market is gaining momentum on account of the growing popularity and demand for ready to eat and convenience foods.” The growing disposable incomes of the people and increasing popularity of canned soups among the older generation are some of the other factors aiding the growth of this market. Canned soups in different flavours are being launched by market players and this will also help raise the popularity and boost customer attraction towards the different flavours available.

According to the report Optical polyester films have many applications within the optoelectronic as well as optical field and this is the key factor fueling the growth of the global optical polyester film market. Optical polyester films are used for LCD panels, display basis, and plasma display panels (PDP). The demand for these films is increasing on account of the excellent light transmission thanks to Mechanical properties in thermal stability of optical polyester films.

The growing demand for LCD televisions especially in the region of Asia Pacific is a primary factor driving the growth of the optical police reform was Market.. the market is also benefiting extensively on account of the growing penetration of smartphones as well as the introduction of new technologies such as wearable Electronics. Wearable electronics is an area which is anticipated to drive the growth opportunities for optical polyester films in the coming years. The growing trend of making use of film components for making that screen panels lighter and thinner will create a heightened demand for optical polyester films.

The report not only discusses the various factors helping the market to grow but also discusses the several challenges that this Market has been facing. One of the key factors restricting the growth of this Market is advancements in technology. Technological advancements have led to the replacement of LCD screens with active-matrix organic light emitting diode (AMOLED) screens. AMOLED screens are used extensively in televisions instead of LCD today and this is threatening the growth of the Global Optical polyester films Market. Moreover, there is an increase in the film’s haze with increased temperature and this could prove to be a challenge in sensitive applications such as handheld displays.

On the basis of type, the global optical polyester films market is segmented into transparent and adhesive films, reflection films, transparent and conductive films, and anti-reflection films. By application, the market is segmented into solar, industrial, electrical and electronics.

One of the key factors impacting the market on the other hand, is the growing health concerns among consumers. The canned soups contain many preservatives for increasing their shelf life, which in turn is causing concerns among consumers. Organic canned soups, however are expected to gain popularity and reduce the impact of this restraint. Another challenge regarding difficulty to open canned soups does not go very well with youngsters. Hence they prefer instant soups in powdered form which come in easy to carry pouches, that are light in weight as opposed to canned soups.

The information in this preview comes from a Transparency Market Research report titled ‘Canned Soups Market (Product – Ready-to-serve Wet Soup and Condensed Wet Soup; Ingredient – Tomato, Beans, Chicken, Beef, Broths, Artichokes, and Mixed Vegetables) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022.”

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